Patria Bank (BSE:PBK) Beneish M-Score: -2.38 (As of Jun. 26, 2026)


BSE:PBK Patria Bank SA BSE:PBK
41 GF Score
Price lei0.13
GF Value lei0.11
Valuation Modestly Overvalued
! 7 Warning Signs
View Full Analysis

What is Patria Bank Beneish M-Score?

Patria Bank BSE:PBK 41 Beneish M-Score is -2.38 as of Jun. 26, 2026. GuruFocus rates BSE:PBK with a GF Score™ of 41/100 and a GF Value™ of lei0.11 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 1,397 Banks companies, Patria Bank ranks worse than 53.19% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Patria Bank's Beneish M-Score or its related term are showing as below:

BSE:PBK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.2   Med: -2.44   Max: 0.07
Current: -2.38

During the past 13 years, the highest Beneish M-Score of Patria Bank was 0.07. The lowest was -3.20. And the median was -2.44.

BSE:PBK
41GF Score
Patria Bank SA BSE:PBK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Patria Bank Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Patria Bank for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1+0.528 * 1+0.404 * 1.0036+0.892 * 1.1343+0.115 * 0.9156
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9469+4.679 * -0.001325-0.327 * 1.0521
=-2.38

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was lei0.0 Mil.
Revenue was 67.962 + 76.518 + 68.011 + 68.981 = lei281.5 Mil.
Gross Profit was 67.962 + 76.518 + 68.011 + 68.981 = lei281.5 Mil.
Total Current Assets was lei0.0 Mil.
Total Assets was lei5,575.4 Mil.
Property, Plant and Equipment(Net PPE) was lei77.0 Mil.
Depreciation, Depletion and Amortization(DDA) was lei24.9 Mil.
Selling, General, & Admin. Expense(SGA) was lei75.4 Mil.
Total Current Liabilities was lei0.0 Mil.
Long-Term Debt & Capital Lease Obligation was lei573.8 Mil.
Net Income was 12.031 + 14.107 + 13.025 + 11.586 = lei50.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = lei0.0 Mil.
Cash Flow from Operations was 116.332 + 0 + 9.174 + -67.371 = lei58.1 Mil.
 Total Receivables was lei0.0 Mil.
Revenue was 63.887 + 62.457 + 62.714 + 59.087 = lei248.1 Mil.
Gross Profit was 63.887 + 62.457 + 62.714 + 59.087 = lei248.1 Mil.
Total Current Assets was lei0.0 Mil.
Total Assets was lei4,807.0 Mil.
Property, Plant and Equipment(Net PPE) was lei83.4 Mil.
Depreciation, Depletion and Amortization(DDA) was lei24.0 Mil.
Selling, General, & Admin. Expense(SGA) was lei70.2 Mil.
Total Current Liabilities was lei0.0 Mil.
Long-Term Debt & Capital Lease Obligation was lei470.2 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 281.472) / (0 / 248.145)
=0 / 0
=1

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(248.145 / 248.145) / (281.472 / 281.472)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 77.017) / 5575.404) / (1 - (0 + 83.422) / 4806.964)
=0.986186 / 0.982646
=1.0036

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=281.472 / 248.145
=1.1343

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(24.038 / (24.038 + 83.422)) / (24.901 / (24.901 + 77.017))
=0.223693 / 0.244324
=0.9156

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(75.423 / 281.472) / (70.225 / 248.145)
=0.267959 / 0.283
=0.9469

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((573.787 + 0) / 5575.404) / ((470.225 + 0) / 4806.964)
=0.102914 / 0.097822
=1.0521

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(50.749 - 0 - 58.135) / 5575.404
=-0.001325

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Patria Bank has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.38 mean?
Patria Bank (BSE:PBK) has a Beneish M-Score of -2.38 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Patria Bank and its competitors. According to the industry distribution chart, Patria Bank ranks #743 out of 1397 companies in the Banks industry, placing it in the top 53.2%.
Is Patria Bank's Beneish M-Score too high?
Patria Bank's current Beneish M-Score is -2.38. Based on the distribution chart, Patria Bank ranks #743 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Patria Bank has a GF Score™ of 41/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Patria Bank's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Patria Bank ranks #743 out of 1397 companies for Beneish M-Score. This places Patria Bank in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Banks company?
A good Beneish M-Score depends on the Banks industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Patria Bank and its competitors. Patria Bank's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Patria Bank stock overvalued right now?
Based on GuruFocus' analysis, Patria Bank (BSE:PBK) is currently considered Modestly Overvalued. The stock's GF Value™ is lei0.11, compared to a current price of lei0.13 — trading 21.8% above its estimated fair value. The current Beneish M-Score is -2.38. Patria Bank's overall GF Score™ is 41/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Patria Bank (BSE:PBK), the current Beneish M-Score is -2.38 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Patria Bank (BSE:PBK) Overvalued in 2026?

Based on GuruFocus' analysis, Patria Bank stock appears to be overvalued. The current stock price of lei0.13 is trading 21.8% above its estimated GF Value™ of lei0.11. GuruFocus considers Patria Bank to be Modestly Overvalued.

Key valuation signals for BSE:PBK:

  • Beneish M-Score: -2.38
  • GF Value™: lei0.11 vs. price of lei0.13 (21.8% above fair value)
  • GF Score™: 41/100 with 7 warning signs

No single metric tells the full story. See the BSE:PBK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Patria Bank Business Description

Address 42 Pipera Road, Globalworth Plaza building, floors 7, 8 and 10, Bucharest, ROU, 020112
Patria Bank SA provides the whole range of banking services for individuals and legal entities, including deposits, cash management, lending and foreign exchange operations. It provides traditional banking services and products, including payment orders, documentary transactions and issuance of letters of credit and guarantees. The company carries out its activity in Romania.
41GF Score

Get the complete analysis for BSE:PBK

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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